Cheddar is slang for Cheese, which was already slang for money. I think Jay-Z is the one who first one to extend the slang "cheese" and make it the slang "cheddar," but I can't say for certain 'cuz I'm pretty uber-white.

from Jay-Z "Ain't No Love (Heart of the City)":

Whassup y'all niggaz fed up cause I got a little cheddar
and my records movin' out the sto'?

A lighthearted term to describe someone who is acting like a douche; proving themselves to be very brainless and who contributes very little to society. They usually come in large, rowdy groups and are often white males on holiday who have no cultural awareness.

One would qualify as a cheddar if they match any of the following criteria:

- When in social situations, acts as if they have an expanse of knowledge when they are, in fact, just gassin